On May 11, Hebei Iron & Steel Group (HBIS Group) announced the bidding price of MC ferromanganese (FeMn78C2.0) at Yuan 9,100/tonne ($1,259/tonne) in May 2024, surging by 11.6% month-on-month.
The significant increase in HBIS Group's ferromanganese bidding prices reflects the firm demand for the ferroalloy amid robust steel production in China. HBIS Group is a major steelmaker and a leading buyer of ferroalloys in the country.
The surge in ferromanganese prices is expected to support the overall ferroalloy market in China, as HBIS Group's bidding prices serve as a benchmark for other market participants. However, the impact on downstream steel prices may be limited, as ferromanganese accounts for a relatively small portion of steelmaking costs.
